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HB 1374

CONCERNING A REPORT BY THE DIRECTOR OF THE ARKANSAS ECONOMIC DEVELOPMENT COMMISSION CONCERNING CONTRACTS AWARDED TO BUSINESSES IN OPERATION LESS THAN FIVE YEARS.

2025 Regular Session Introduced by Kim Hammer and 2 co-sponsors

HB 1374 aimed to require annual reports on state contracts awarded to businesses under five years old, enhancing transparency and support for new Arkansas businesses.

WITHDRAWN BY AUTHOR
0
WeVote Research Nonpartisan
Bill Summary · HB 1374

Summary of House Bill 1374

Bill Information

  • Bill Number: HB 1374
  • Title: Concerning a Report by the Director of the Arkansas Economic Development Commission Concerning Contracts Awarded to Businesses in Operation Less Than Five Years
  • Status: Withdrawn by Author
  • Introduced: February 03, 2025
  • Classification: Bill

Purpose and Intent

House Bill 1374 aimed to enhance transparency and support for new businesses in Arkansas by requiring the Director of the Arkansas Economic Development Commission to produce an annual report. This report would focus on state contracts awarded to businesses that have been in operation for less than five years, thereby providing insights into the participation of newer businesses in state contracting.

Key Provisions

The bill proposed the following key provisions:

  1. Annual Reporting Requirement:

    • The Director of the Arkansas Economic Development Commission would be required to submit an annual report by January 1 of each year.

  2. Content of the Report:

    • The report would include:
      • The number and total dollar amount of state contracts awarded to businesses in operation for less than five years.
      • A breakdown of these contracts by demographic segments and geographic areas within the state.
      • The percentage of total state contracts awarded to these businesses compared to all state contracts.
      • The percentage of total dollar amounts awarded to these businesses compared to the overall contract amounts.
      • Recommendations for improving access to state contracts for newer businesses, particularly those in underrepresented demographic segments and geographic areas.

  3. Submission of the Report:

    • The report would be filed with:
      • The Governor
      • The House Committee on Insurance and Commerce
      • The Senate Committee on Insurance and Commerce

  4. Implementation Timeline:

    • The first annual report was scheduled to be due by January 1, 2027.

Impact

If enacted, HB 1374 would have aimed to:
- Provide valuable data on the engagement of new businesses in state contracting.
- Highlight disparities in contract awards based on demographics and geography.
- Offer actionable recommendations to enhance opportunities for newer businesses, potentially fostering economic growth and diversity in the Arkansas business landscape.

Legislative Actions

  • February 11, 2025: Withdrawn by Author
  • February 10, 2025: Re-referred to the Committee on Education Committee - House
  • February 10, 2025: Read the third time and failed
  • February 5, 2025: Returned by the Committee Do Pass
  • February 3, 2025: Filed and read the first time, rules suspended, read the second time, and referred to the Committee on Agriculture, Forestry & Economic Development - House

Conclusion

While HB 1374 was withdrawn shortly after its introduction, the bill's intent to improve transparency and support for new businesses in Arkansas reflects ongoing discussions about economic development and equitable access to state resources.

Compiled from official sources — confirm details with the bill’s official record.

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